Amin Adam calls for removal of BoG Governor from GoldBod Board

Former Finance Minister, Dr Mohammed Amin Adam, has called for the removal of Bank of Ghana (BoG) Governor, Dr Johnson Asiama, from the Board of the Ghana Gold Board (GoldBod), citing concerns over the central bank’s financial dealings with the gold-buying institution.

Speaking at a press briefing on Tuesday, September 1, Dr Amin Adam questioned the appropriateness of the BoG Governor serving on the GoldBod Board while the central bank is also involved in financing the institution’s operations.

He argued that the arrangement could raise questions about the independence of the central bank, particularly in view of the significant financial transactions between the two institutions.

“If a so-called independent institution and a government institution are to go into a deal amounting to GH¢133 billion, where is the agreement that defines that relationship? What are the terms?” he asked.

Dr Amin Adam also questioned whether the BoG was aware that the transactions could result in financial losses, given its knowledge of the prices at which gold was purchased and subsequently sold.

Against this backdrop, he urged the government to remove Dr Asiama from the GoldBod Board to prevent what he described as a potential conflict of interest.

“We are asking for the removal of the Governor of the Bank of Ghana from the Board of GoldBod because his institution has been funding GoldBod and he has been sitting on the board while GoldBod operations create losses for this country,” he said.

Calls for disclosure of GoldBod documents

The former Finance Minister also demanded the publication of key documents relating to GoldBod’s operations, including the legislative instrument governing the institution’s fees.

He further called for the release of restated 2025 accounts that exclude the GH¢4.54 billion government capital injection from revenue.

Dr Amin Adam also supported calls for a comprehensive parliamentary inquiry into the reported losses associated with the domestic gold purchase programme.

He cited what he described as discrepancies in the figures reported by different institutions, including the GH¢22 billion loss reportedly communicated to the International Monetary Fund (IMF), the GH¢9.05 billion loss reported by the BoG and the GH¢5.45 billion surplus reported by GoldBod.

He said the differences in the reported figures warranted a full investigation to establish the true financial position of GoldBod and determine how the transactions had affected the country's finances.